Sumitomo Corporation (SC) announced a joint venture (JV) with CEP Solar to deliver renewable energy projects across Virginia. This collaboration will enable SC’s subsidiary Perennial and CEP to commercialise a portfolio of solar and battery storage assets exceeding 1.5 GW. The construction of these projects is to begin in late 2025. Furthermore, this venture will build on CEP’s local expertise and network, alongside the SC Group’s strengths in project financing, to develop multiple renewable energy projects across Virginia simultaneously.
The Virginia Clean Economy Act of 2020 (VCEA) aims for 100% clean energy by 2050 for the state, which requires large-scale deployment of renewable energy projects. This large portfolio of solar projects will help increase the state’s renewable capacity significantly, while battery projects will help in maintaining grid stability, providing back up power and addressing grid intermittency of solar.
Earlier this year, Sumitomo Corporation along with JGC Japan Corporation, entered into an agreement to explore collaboration on the detailed design, manufacturing, and supply of floating structural components for offshore wind power generation. The partnership aims to reduce costs, boost efficiency, and establish a mass production system for these components by leveraging the combined strengths of both companies.
REGlobal’s Views: These projects will help reduce the carbon emissions of data centers and IT infrastructure in the state, which can be highly energy intensive. More such large projects are coming up across the world to meet the energy demands of data centers.
